As 21
This query is : Resolved
07 November 2011
An indian listed co. has a 100% foreign subsidiary.Whether the parent co. is required to prepare consolidated financial statements for the purose of limited review of half yearly period???
07 November 2011
All acounting standard is applicable on listed company, therefore parent comapany is need to prepare consolidated financial statement.
07 November 2011
but whether consolidated financial statement is mandatorily req to be attached for limited review of half yearly period..?
07 November 2011
ITS VOLUNTRY NOT MANDATORY
SEBI and Accounting Standards
SEBI requires the auditors in their half yearly limited review report in respect of listed companies to opine whether they are prepared in accordance with accounting standards. SEBI circular SMDRP/Policy/Cir -44/01 dated August 31, 2001 requires compliance with mandatory accounting standards in the preparation of quarterly results. However, the preparation of consolidated financial statements on a quarterly basis is voluntary but mandatory for disclosure in the annual report.
SEBI and Accounting Standards
SEBI requires the auditors in their half yearly limited review report in respect of listed companies to opine whether they are prepared in accordance with accounting standards. SEBI circular SMDRP/Policy/Cir -44/01 dated August 31, 2001 requires compliance with mandatory accounting standards in the preparation of quarterly results. However, the preparation of consolidated financial statements on a quarterly basis is voluntary but mandatory for disclosure in the annual report.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
